Tax Reporting of Business Property (Sept 4)
Learn about the solutions available to owners of business personal property (BPP) to avoid gross over-assessment.
Business personal property is routinely valued at 150 to 200% of fair market value, with the exception of inventory and vehicles. Inaccurate appraisal district straight-line depreciation schedules and inclusion of intangible personal property (which is not taxable) are the primary causes of gross over-assessment.
Learn about the solutions available to owners of business personal property (BPP). These solutions will include rendering based on market value instead of rendering cost (as allowed by state law), excluding the value of the intangible personal property, and appealing excessive assessments using market value evidence.
Learning Objectives
- You will be able to define type of property.
- You will be able to discuss disadvantages of rendering cost/year of acquisition.
- You will be able to explain why rendering an opinion of value is best option.
- You will be able to review how to reduce BPP property taxes.
Profmhd
I am passionate about AI and Cybersecurity, motivated by technology and basic science. My interest in mathematics, chemistry and physics marries with my curiosity for new technological developments. The United States is an inspiration to me, and I aspire to contribute to global progress in these fields while exploring the world through travel.
